Adam Smith and the Labour Theory of Value: an Unconvincing "Reconsideration"

In a recent paper Terry Peach argues that Adam Smith found no reason to limit application of the labour-embodied theory of value to the case of the "early and rude state" of society. In fact, not only that: according to Peach, Smith found a problem in employing the labour-commanded measure of value with reference to the contemporary "commercial" economy and, in order to resolve the issue, he (somewhat surreptitiously) abandoned labour-commanded and adopted instead labour-embodied as a generally valid theory of exchange value. However, we find Peach’s revolutionary "Reconsideration" to be fatally flawed - for the reason that it derives from Peach’s evident misunderstanding of what is implied by the labour-commanded measure of value.